Photo Credit: Aditya Vyas
Are special purpose acquisition companies (SPACs) back? Fenix360 announces a deal with SPAC for listing on NASDAQ valued at $610 million.
Fenix360 is an artist-centric, multi-genre social media platform that is aimed at independent artists and creatives to help them monetize their music and art. Fenix360 says its aimed to deliver a place to “economically invigorate” the creative landscape.
“The unique value proposition of Fenix360 as a hyper-agile and asset-light engagement platform with lucrative rewards for artists and fans alike provides both Fenix360 and Duet an unparalleled opportunity to reshape the creative and media space,” adds Dharmendra Magasvaran, Co-CEO of DUET. “Tapping into substantial digital advertising and digital commerce ecosystem will bolster Fenix360’s revenue generation abilities.”
“We are very pleased that this transaction and the consequent planned NASDAQ listing of Fenix360 should allow us to accelerate our global ambitions,” adds Fenix360 CEO Allan Kelpfisz. “In the coming months, as we activate artists and fans in each market and deliver greatly enhanced income for artists and a much more engaging platform for fans, we would like to believe that we will become unstoppable.”
The transaction values Fenix360 at $610 million and has been unanimously approved by both companies’ board of directors. Now it is subject to approval by DUET’s stockholders and other customary closing conditions, including the receipt of certain regulatory approvals.
At the center of the Fenix360 platform is a tool that allows artists to build a content-filled app in about twenty minutes. It aims to provide a rich environment for artists and fans to stay connected without costly intermediaries and algorithm-based filters.
“With this simplicity, we hope to create a generation of enthusiastic app builders,” adds Lance Ford, Founder & President at Fenix360. “It is a great way to present yourself to fans and friends and excites them continuously with a media property that you control.”